How To Create New Super Mario Bros Style Water?

Hello, I am currently researching the best ways to create water similar to the water in New Super Mario Bros.

Here is an example.

The key aspects are:

  1. Water surface deforms and ripples when actors collide with it, along with having some ambient rippling when nothing is colliding. I want less intense ripples than in the example.
  2. The water is viewed from the side. I will be using this water in a side-scroller, so I will need to be able to apply a surface and body texture that looks good from the side.

I was thinking the draw to render target feature introduced in 4.13 might be a way to go about this, but I’m unsure of how to set it up properly.

Is there a better way to go about it, or does anyone have some advice for how to set this up with draw to render target?

Thanks a lot.